Archive for February, 2017
There is a pretty detailed article, which I have excerpted and linked below, explaining the ins and outs of the IRS not enforcing the mandate on Obamacare.
I don’t have the answers to immediate questions that may arise, such as, “What about State returns?” or “Will failing to report affect potential future refunds?”. I simply don’t know….Here is the article, and perhaps I scanned it too quickly. I just feel like people need to know!
Earlier this month, the IRS quietly altered its rules to allow the submission of 1040s with nothing on line 61. The IRS says it still maintains the option to follow up with those who elect not to indicate their coverage status, although it’s not clear what circumstances might trigger a follow up.
But what would have been a mandatory disclosure will instead be voluntary. Silent returns will no longer be automatically rejected. The change is a direct result of the executive order President Donald Trump issued in January directing the government to provide relief from Obamacare to individuals and insurers, within the boundaries of the law.
“The recent executive order directed federal agencies to exercise authority and discretion available to them to reduce potential burden,” the IRS said in a statement to Reason. “Consistent with that, the IRS has decided to make changes that would continue to allow electronic and paper returns to be accepted for processing in instances where a taxpayer doesn’t indicate their coverage status.”… full article here...